Selling Assets

 

If you have a valuable asset (a house, car, investments, savings, valuables) you could sell it and use the proceeds to repay your debts.

If you can’t raise the full amount of your debts, you could consider a Full and Final Settlement offer.

 

Advantages

  • It can help you clear your debts in full

 

Disadvantages

  • You would lose the asset which may give you less financial security for the future.

  • If you ‘prefer’ one creditor over another it can have negative consequences if you enter into a different type of arrangement to clear your debts in the future (e.g. DRO or bankruptcy)

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Your OptionsMegan Heath